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Cyber security market in the field of Fintech is projected to grow at a CAGR of 15% during the forecast period 2018-2023

Fintech market provides data on digital format making it easier to analyze the information, but it is making the data susceptible to security breaches.

HYDERABAD, TELANGANA, INDIA, September 4, 2018 / -- Cyber Security in Fintech: Monitoring and Securing transactions

Fintech basically means “innovation in financial services”. Technology is the key enabler in Fintech where new products are introduced by startups or new approaches are adopted by the existing players in order to improve the financial services.

Fintech has emerged due to the rapid adoption of technologies in the financial service market. The Fintech market provides data on digital format making it easier to analyze the information, but at the same time, it is making the data susceptible to security breaches. Cross platform malware contamination is a major threat faced by the Fintech companies. Interfacing systems through application programming interfaces (API) allows to share the data seamlessly, which creates an opportunity for malware intrusion. With more services going online, enterprises are trying to adopt better security services leading to the emergence of cyber security market in Fintech.

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The increase in complexity of cyber threats with hackers using sophisticated technologies for hacking, lack of awareness on secure digital practices. For example: Over the past few years Fintech market has seen new entrants occupying the market, but operating their businesses without basic cyber security measure, giving an opportunity to exploit their data are the major hindrance for the growth of cybersecurity in Fintech market.
Various policies and innovations have been carried out both by private organizations and government in order to improve the security measures in Fintech.

Kaspersky Labs have claimed that cyber security threats in financial sectors will be at an average cost of $1,754,000 per accident. The study done by Kaspersky claims that 61 % of cybersecurity incidents affecting online banking has an additional cost for the institutions that are targeted which includes data loss or confidential information being leaked.

UAE’s banks will be implementing multi factor authentication to confirm a person’s identity. Effective cybersecurity measures such as facial recognition, iris scan and adoption of crypto currency will be implemented by the banks. The UAE financial sector which has always been at forefront in innovation feels that multi factor authentication will be the next step for safe and secure transactions.
The World Economic Forum (WEF) based in Geneva, has created a consortium which focuses on improving the cybersecurity of the Fintech companies. WEF will create a framework assessing the security level of Fintech companies and data aggregators in order to prepare against hacks.

The UK Government has launched the new Fintech Sector Strategy. The Government with the help of this new strategy will primarily be focusing on implementing new cryptoassets task force. New regulations policies will be implemented on use of robots in Fintech firms and in order to expand UK Fintech firms globally, Fintech firms of UK will be joining hands with Australian Fintech firms
Capital One Financial Corporation, based in Virginia has acquired Confyrm, a startup company which is specialized in digital fraud prevention and security. Confyrm’s Event Warning System helps in addressing the suspicious activity at initial stages in order to reduce the impact of fraudulent activities.

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The cybersecurity market in Fintech has started gaining importance in recent years. The current security market is at infancy, but will have a sustainable growth with the involvement of Blockchain and Artificial Intelligence. For example, transactions that are made using blockchain technology cannot be altered or compromised, hence improving safe and secured transactions. It also allows in controlling information on digital transactions and prevents errors of duplication.
Artificial Intelligence uses tools in monitoring behavior pattern of a user in order to identify rarity and warning signs of fraud attempts. So these technologies will be used to improve the security framework of the Fintech companies.

Cybersecurity market in Fintech is segmented as indicated below:
1. Cyber Security Market in Fintech – By Services
1.1. Introduction
1.2. Back End Services
1.3. Consumer Facing Services

2. Cyber Security Market in Fintech – By Solutions
2.1. Introduction
2.2. Identity and Access Management
2.3. Risk and Compliance Management
2.4. Encryption
2.5. Unified Threat Management
2.6. Others

3. Cyber Security Market in Fintech- By Domain
3.1. Introduction
3.2. Payments and Transfers
3.3. Lending and Financing
3.4. Markets and Exchange
3.5. Others

4. Cyber Security Market in Fintech – By End users
4.1. Introduction
4.2. Banks
4.2.1. Retail Banking
4.2.2. Investment Banking
4.2.3. Corporate Banking
4.3. Insurance
4.4. Other Financial Institutions

5. Cyber Security Market in Fintech – By Market Entropy
6. Cyber Security Market in Fintech – By Geography

Companies Cited/Interviewed/Referenced
Ant Financial
Cross River
Company 10+

Related Reports:

A. Human Factor Security Market

B. Healthcare Cybersecurity Market

What can you expect from the report?
The Cyber Security in Fintech Market Report is Prepared with the Main Agenda to Cover the following 20 points:

1. Market Size by Product Categories
2. Market trends
3. Manufacturer Landscape
4. Distributor Landscape
5. Pricing Analysis
6. Top 10 End user Analysis
7. Product Benchmarking
8. Product Developments
9. Mergers & Acquisition Analysis
10. Patent Analysis
11. Demand Analysis ( By Revenue & Volume )
12. Country level Analysis (15+)
13. Competitor Analysis
14. Market Shares Analysis
15. Value Chain Analysis
16. Supply Chain Analysis
17. Strategic Analysis
18. Current & Future Market Landscape Analysis
19. Opportunity Analysis
20. Revenue and Volume Analysis

Frequently Asked Questions:

Q. Does IndustryARC publish country, or application based reports in Cyber Security in Fintech? Response: Yes, we do have separate reports and database as mentioned below:

1. North America Cyber Security in Fintech Market (2018-2023)
2. South America Cyber Security in Fintech Market (2018-2023)
3. Europe Cyber Security in Fintech Market (2018-2023)
4. Asia Pacific Cyber Security in Fintech Market (2018-2023)
5. Middle East and Africa Cyber Security in Fintech Market (2018-2023)
6. Consumer Facing Services Cyber Security in Fintech Market (2018-2023)
7. Identity and Access Management Cyber Security in Fintech Market (2018-2023)
8. Lending and Financing Cyber Security in Fintech Market (2018-2023)
9. Banks Cyber Security in Fintech Market (2018-2023)
10. Other Financial Institutions Cyber Security in Fintech Market (2018-2023)

Q. Does IndustryARC provide customized reports and charge additionally for limited customization?
Response: Yes, we can customize the report by extracting data from our database of reports and annual subscription databases. We can provide the following free customization

1. Increase the level of data in application or end user industry.
2. Increase the number of countries in geography or product chapter.
3. Find out market shares for other smaller companies or companies which are of interest to you.
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5. Patent analysis, pricing, product analysis, product benchmarking, value and supply chain analysis can be requested for a country or end use segment.

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